Julius Baer named a new Chief Executive to stand in after long-standing boss Boris Collardi departed, but jockeying has already begun to replace the replacement. Is the time right for an Asian leader at a Swiss bank?
The charismatic Julius Baer Chief Executive stunned staff, his board and his colleagues with his sudden departure last week. Boris Collardi's overnight exit reveals how reliant the bank's board had grown on the CEO: the bank is effectively rudderless, despite quickly filling the vacuum at the top with deputy CEO Bernhard Hodler (pictured below).
But Hodler, who had only been appointed Collardi's deputy two months ago after being supplanted in his risk job, is a mid-term solution for Julius Baer, at best. Inside the bank, jockeying for position to replace him in running one of Switzerland's largest private banks has already begun.
Inextricably linked with the succession planning is the question of Julius Baer's long-term aim: will the next CEO passionately defend the bank's sovereignty and acquire actively, as Collardi did? Or one who could imagine leading Julius Baer into the arms of one of Switzerland's giants like Credit Suisse? Chairman Daniel Sauter is not only under pressure to present a succession plan – he must also keep the bank's share price afloat, as the best defense against takeover advances.
Who are the top candidates to replace the energetic Collardi, who defined the face of Julius Baer so distinctively in the last eight years? The finews.asia shortlist.
Walter Berchtold
The former Credit Suisse banker's name was the first to begin circulating: Walter Berchtold has been itching to run a bank for over ten years now. In 2007, he lost out to Brady Dougan in the Credit Suisse CEO race. He was parachuted into Falcon Bank last year to clean up after the 1MDB mess, but didn't last long: Berchtold left suddenly after a spat with the bank's Abu Dhabi owners.
The Swiss banker, nicknamed «Waedi» in Zurich banking circles, would probably slot in well in Julius Baer's heavily Credit Suisse-infused culture. Whether the 56-year-old is the right figurehead for Swiss banking's new era is, however, doubtful.
Gian Rossi
The 47-year-old career private banker knows Julius Baer inside out – he was one of the Swiss bank’s first Credit Suisse recruits in 2006. Rossi, an ally of Collardi’s, has endeared himself to management as a pinch hitter: he stepped in earlier this year as Swiss head when former Credit Suisse banker Barend Fruithof left following a recent revamp.
His qualifications are impeccable, and he is no stranger to Julius Baer’s second home market, Asia (Rossi even briefly ran Credit Suisse’s private bank in Singapore – albeit before it was as relevant as it is today – from 2000 to 2002). It is unclear whether Rossi, a father of two who doesn’t court the limelight as Collardi did, wants a larger job than the one he already has.
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